Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,810/mo
Lowest payment- Down payment
- $209,497
- Funds due
- $222,367
- Interest + MI left
- $121,677
- First ends
- Apr 2051
Assumption
Assumption + second
$2,947/mo
+$1,137/mo- Down payment
- $54,497
- Funds due
- $68,685
- Interest + MI left
- $376,118
- First ends
- Apr 2051
New loan
New conventional
$3,725/mo
+$1,915/mo- Down payment
- $54,497
- Funds due
- $64,524
- Interest + MI left
- $736,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,503 | $330,503 | $485,503 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,543.28 | $1,543.28 | $3,361.52 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $97.10 |
| Taxes, insurance & HOA | $266.75 | $266.75 | $266.75 |
| Total housing payment | $1,810.03 | $2,947.36 | $3,725.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,497
Closing costs & prepaids$14,188
Usable credit−$0
Total buyer cash needed$68,685
Earnest money paid−$0
Remaining funds due$68,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,652.52
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$300.25
Prepaid interest, first (2 days)$49.08
Prepaid interest, second (2 days)$67.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 5 moOf the original 30-year loan at 2.710%
Interest already paid$53,903Through Nov 2026
Assumption only · ends Apr 2051$121,677
Assumption + second · ends Apr 2051, second Dec 2056$376,118
New conventional · ends Dec 2056$736,298